IRS Form 941 Reporting Update

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WC-1015613

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Recorded

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Webinar

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Description:

The IRS collects hundreds of billions of dollars of employment taxes each year - more than any other source of revenue. Form 941 and related forms lie at the heart of the IRS's employment tax collection system.

Much of the administrative burden under that system falls on employers. An employer's failure to understand and comply with its obligations can result in IRS assessments, audits and penalties.

This webinar will help tax and payroll specialists and others with an interest in this issue to understand the employer's obligations under the employment tax collection system, including how to handle corrections and disputes when they arise.

Agenda:

Overview of Employment Tax Rules

Withholding Requirements

Wage Withholding

Backup Withholding

Withholding on Payments to Nonresident Aliens

Deposit Requirements

Due Dates and De Minimis Rules

Electronic Federal Tax Payment System

Employment Tax Return Requirement

Forms for Different Types of Employment Taxes

Filing Returns Electronically

Information Reporting Requirements

Forms W2 and W3

Form 1099MISC

Special Situations (Employee Termination, Mergers, etc.)

Compliance Issues

Correcting Errors on Prior Returns and Obtaining Refunds

Administrative Rules

Refund Suits

Employee Notice Requirements

Special Situations (Mergers, etc.)

Interest and Penalties

FailuretoDeposit Penalty

Interest on Late Payments, InterestFree Adjustments

FailuretoFile Penalty

AccuracyRelated Penalty

FailuretoPay Penalty

Information Reporting Penalties

Responsible Person (Trust Fund Recovery) Penalty

Criminal Penalties

About The Presenters

Kurt L.P. Lawson, Esq.

Partner with the law firm of Hogan Lovells US LLP, in Washington, D.C.

Primarily represents employers on all aspects of employment taxes and pension, health, fringe and other benefits

Listed in The Best Lawyers in America and Super Lawyers in Washington, D.C. since 2007

Ranked in Chambers USA since 2010

Member of the American College of Employee Benefits Counsel

Writer and speaker on tax and employee benefits matters and an adjunct professor at the Georgetown Law Center

ABA Tax Section council director and former chair of the Employee Benefits Committee

Graduate, Yale and the University of Virginia School of Law

Edward James Leyden, Esq.

BULLET 1

Owner of Leyden Law LLC in Bowie, Maryland

Counsels companies on taxation and employment issues

Has advised a diverse group of clients, including technology companies, health care enterprises, National Football League players, the online gaming community, and the commissioner of Major League Baseball

Past chair of the American Bar Association Section of Taxation, Committee on Employment Taxes, and has been elected as a fellow of the American Bar Foundation

Law degrees, University of Baltimore and the Georgetown University Law Center; undergraduate degree in commerce and engineering, Drexel University

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